🚀 go-pugleaf

On Feb 12, 2:27 am, no-s...@sonic.net (Fake ID) wrote:
> In article <0lt1r3t7b2f0a81cumrpaiqndkh1kug...@4ax.com>,
>
>
>
>
>
> PaPaPeng  <PaPaP...@yahoo.com> wrote:
> >On Mon, 11 Feb 2008 10:24:46 -0800 (PST), Foobar
> ><bamberb...@gmail.com> wrote:
>
> >>On Feb 7, 1:22 pm, PaPaPeng <PaPaP...@yahoo.com> wrote:
> >>> On Wed, 06 Feb 2008 19:29:18 -0600, Snowbound
>
> >>> <loosebow...@ixnay.invalid> wrote:
> >>> >Just don't declare bankruptcy, like someone in real financial trouble
> >>> >might consider. If you declare bankruptcy, like some joker who lost
> >>> >everything to unforseen disaster or illness, you are putting yourself at
> >>> >the mercy of courts and banks (who make today's bankruptcy laws). If you
> >>> >just walk away from a massivemortgageYOU freely chose, you get off
> >>> >scott free, without any substantial penalty! After all, what
> >>> >asset-draining cancer or chronic workplace injury could POSSIBLY be
> >>> >worse than losing a home you couldn't afford in the first place?  
>
> >>> This sounds good.  The most logical part is the lender who made that
> >>> unjustifiably risky loan to Mr. J Doe will lilkely disappear as a
> >>> corporate entity before they catch up with Mr. Doe who walked away
> >>> from his foreclosed house.  Whichever new company that takes over the
> >>> property will likely find it impossible or just too costly to clear
> >>> the paperwork necessary to track down John Doe the walker and make him
> >>> pay.  There will be a few millions of such foreclosures that
> >willtrashany industrywide attempt to clean them up.
>
> >>Which is a good thing?
>
> >In normal situations there is enough of a paper trail to track you
> >down anywhere in the country.  So you have to declare bankruptcy (the
> >new rules I don't know about but its no longer easy to declare it) and
> >your credit rating goes to hell.  
>
> >But in this subprime crisis the banking system isn't sure who actually
> >holds the original mortgage, who holds the invertment to a bundle of
> >these original mortages, who is the third party (bank or financial
> >institution)  that had lent to the secondary party who held the
> >bundled mortages to the original mortgage.  And this can cascade into
> >the fourth or fifth tier.  If you can't follow the connections so far
> >neither can the banks and the financial institutions.   The original
> >one million dollar bundle of mortages may have generated another four
> >to five millions if not more in secondary market..
>
> A small ray of hope.http://www1.pressdemocrat.com/article/20071115/WIRE/711150413
> At least there's one judge who stood up to financial institutions to
> make them follow the law.  Until this article I hadn't been aware that
> it was customary for courts to let foreclosing entities foreclose
> without providing proof of ownership as required by law.
>
> m- Hide quoted text -
>
> - Show quoted text -

Ah, yup, ok.  But you still don't own the property and you'll still
have to walk away from it.